5 Best Australian Stock Brokers List for 2022

Updated May 10 2022

5 Best Australian Stock Brokers List for 2022

Here’s our selection of the 5 Best Australian Stock brokers for the year 2022:

Broker Reason
FP Markets Best for IRESS traders looking for ASX shares
Capital.com Best multi-platform choice with no commissions
eToro Best for social and copy trading with no commissions
IG Best for high volume share CFD traders
Interactive Brokers Most trustworthy with the widest variety of assets

All the above brokers are required to possess a financial license from ASIC (Australian Securities and Investments Commission). This grants Australian stock traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.

Each one of these brokers was analysed using our proprietary methodology along with the TTBTrust score (our proprietary safety scoring system) prior to being ranked using our comparison tool.

1. FP Markets - Best for IRESS traders looking for ASX shares

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70.70% of retail CFD accounts lose money.

FP Markets is a leading Australian broker with a 10,000+ asset offering accompanied by a great variety of tech options such as deploying your own VPS and accessing ENC / DMA pricing.

Key data
Stocks10,000 +
Commissions

Commissions vary as follows:

  • Standard account has none
  • Raw account has a $3 per lot commission
  • For IRESS accounts there are various commission structures ranging from 0.1% to 0.08% with a minimum $10 charge.
Minimum Deposit$100
Financial Regulators
  • ASIC (Australia)
  • CySec (Cyprus)
  • FSA (St. Vincent and the Grenadines)
MT4Yes
MT5Yes
cTraderNo
TradingViewNo
Proprietary PlatformYes

FP Markets regulatory framework consists of 3 licenses from which only 1 of them is a high tier one (ASIC). They have been operating since 2005 and are headquartered in Australia. For Australian stock traders, FP Markets crafted a very competitive offer by partnering with IRESS trading platform.

The GoodThe Bad
  • Customisable or removable leverage
  • Broad asset offering (10,000 +)
  • Competitive forex commissions
  • No ETFs are offered
  • Stock trading commissions are expensive when compared to similar brokers
  • Website is slow and confusing
  • Fees for the majority of deposit and withdrawal methods

FP Markets’ platform variety is definitely lacking colour as they don’t have a proprietary platform or much interesting features, but when it comes to great commissions for high volume traders and DMA access to ASX shares, their IRESS offer is amongst the most competitive in the world.

2. Capital.com -  Best multi-platform choice with no commissions

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75.26% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

Capital.com is a global broker specialising in CFD Trading with an offering of more than 4000+ assets.

Key data
Stocks1,000 Real Stocks / 3,800+ CFDs
CommissionsNo
Minimum Deposit$, €, £ - 20
Financial Regulators
  • CySec (Cyprus)
  • FCA (UK)
  • ASIC (Australia)
  • NBRB (Belarus)
MT4Yes
MT5No
cTraderNo
TradingViewYes
Proprietary PlatformYes

Capital.com’s regulatory framework consists of 4 financial licenses and 2 of them belong to high tier regulators (FCA and ASIC). Their specialty was crafting a simple, friendly and easy-to-use proprietary trading platform with a no commissions offering.

The GoodThe Bad
  • Beginner friendly platforms
  • Customisable or removable leverage (Not available in Australia)
  • Integration with TradingView
  • Lack of advanced research and analysis tools
  • No multi-charting capabilities on their propietary web platform
  • Trailing-stop order not available

Capital.com serves as a great overall choice for beginner to intermediate stock traders as they also provide Metatrader and TradingView integrations. On the other hand, when it comes to more advanced features such as trailing-stops or access to specific markets, Capital.com’s offer can fall short of professionals’ expectations.

3. eToro - Best for social and copy trading with no commissions

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68% of retail CFD accounts lose money.

eToro is an international broker specialised in social and copy trading that offers real stocks and cryptocurrencies along with CFDs on several asset classes.

Key data
Stocks2,000+ Real Stocks / 2,000+ CFDs
CommissionsNo
Minimum DepositFrom $5 to $200
Financial Regulators
  • CySec (Cyprus)
  • FCA (UK)
  • ASIC (Australia)
  • FSAS (Seychelles)
MT4No
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

eToro's regulatory framework consists of 4 financial licenses from which 2 are from high tier regulators (FCA and ASIC). They have positioned themselves as the leaders of the easy-to-invest apps generation by being the pioneers of copy trading on a mass scale through their proprietary multi-lingual platform.

The GoodThe Bad
  • Social and Copy trading capabilities
  • Trading real shares and cryptocurrencies
  • Copy Trading statistics are not clear enough
  • Lack of advanced order placement controls

eToro's specialty is social and copy trading, specifically on shares and cryptocurrencies. Their main users are people wanting to invest without having to go through the effort of learning how to trade themselves. If you’re interested in accessing a wide variety (2,000+) of shares and cryptocurrencies without trading yourself but rather by following other skilled traders, eToro can be a great choice for you. On the other hand, if your main goal is to trade yourself, then there are better brokerage choices out there for you.

4. IG - Best for high volume share CFD traders

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73% of retail CFD accounts lose money.

IG is a global broker established in 1974 that holds 10 reputable financial licenses and provides CFD trading on stocks, commodities, ETFs, indices, cryptocurrencies, bonds, futures, options along with real stocks through their share dealing account.

Key data
Stocks

10,000+ CFDs / Offering from 8 exchanges worldwide for real stocks

Commissions

Yes, they charge depending on the client’s account base currency and exchange location of the shares being traded. For example, for some clients US shares can have a minimum charge of $10 in-and-out.

Minimum Deposit

0 for Bank Transfers, 300 € for Paypal and Debit / Credit cards.

Financial Regulators
  • ASIC (Australia)
  • FCA (UK)
  • NFA (United States)
  • ADGM (United Arab Emirates)
  • FINMA (Switzerland)
  • MAS (Singapore)
  • FFAJ (Japan)
  • FSCA (South Africa)
MT4Yes
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

IG is amongst the most trusted brokers in the world. Their regulatory framework consists of 8 financial licenses from which 7 belong to high tier regulators (ASIC, FCA, NFA, ADGM, FINMA, MAS, FFAJ). IG is also a publicly traded company in LSX and has been operating since 1974, making them one of the oldest CFD brokers around the block.

The GoodThe Bad
  • Broad platform offering with high customisability and integrated news feeds
  • Comprehensive asset offering with more than 10,000 + CFDs or real stocks and ETFs
  • There are too many small costs such as custody, in-and-out-commissions in some cases, management fees, etc
  • Their standard contracts can be too large some times for low volume traders

IG’s offers is definitely a great one as an overall choice. They provide access to more than 10,000+ instruments by default with the ability to add additional markets via data subscriptions. For high volume professional traders, their commission structure can make sense and be cost-effective. On the other hand, for beginners or intermediate traders, it may be a bit too much.

5. Interactive Brokers - Most trustworthy with the widest variety of assets

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Investing in financial products involves taking risk.

Interactive Brokers is a global brokerage founded in 1978 that holds 11+ high tier financial licenses and provides discounted electronic trading services in nearly all the globe with access to more than 100,000+ financial instruments.

Key data
Stocks78 markets
Commissions

Commissions depend on market and residency:

  • US residents are eligible for zero commission US stock trading. Else, for US stocks it is $0.005/share with a minimum $1 and maximum 1% of the trade value.
  • European stocks have €3 minimum and 0.05% trade value.
  • Forex commissions are volume based starting at 0.20 basis points of trade value or $2 minimum per trade, and going low as 0.08 basis points and $1.
  • Options start at $0.25 per contract and go as low as $0.15 per contract.
  • Futures start at $0.85 per contract and go as low as $0.25 per contract
Minimum Deposit$ - 0
Financial Regulators
  • SEC (United States)
  • FINRA (United States)
  • FCA (United Kingdom)
  • ASIC (Australia)
  • IIROC (Canada)
  • MNB (Hungary)
  • BSE (India)
  • CBI (Ireland)
  • FSA (Japan)
  • CSSF (Luxembourg) CSSF
  • MAS (Singapore)
MT4No
MT5No
cTraderNo
TradingViewNo
Proprietary PlatformYes

Interactive Brokers is considered a legend amongst brokerage firms. Their regulatory framework is made of 11 high tier financial licenses (SEC, FINRA, FCA, ASIC, IIROC, MNB, BSE, CBI, FSA, CSSF, MAS) and they have been operating since 1978 providing electronic trading services as a mass discount broker.

The GoodThe Bad
  • High regulation
  • Exceptional number of investment instruments (Above 100,000+)
  • Competitive discount fees
  • Complicated account opening process
  • Platforms are not beginner friendly
  • Narrow choice of deposit options (Mostly bank transfer)

Interactive Brokers is the default go-to choice for professional traders, especially due to their 100,000+ assets offered along their professional trading platform “Trader Workstation”. If you’re an expert level trader looking for high volume options, discounted trading and the ultimate features then Interactive Brokers is the ultimate choice. On the other hand, if you’re a beginner to intermediate trader, using Interactive Brokers can turn out to be an overwhelming choice full of complexity.

A very important thing to note about Interactive Brokers is that their payment methods are extremely limited, their main deposit and withdrawal channel is bank transfers.

Author

Stefano Treviso

Featured Brokers

1

FP Markets

70.70% of retail CFD accounts lose money.

2

Pepperstone

74-89% of retail CFD accounts lose money.

3

eToro

68% of retail CFD accounts lose money.

4

SquaredFinancial

63.2% of retail CFD accounts lose money.

5

Capital.com

75.26% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

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74-89% of retail CFD accounts lose money.